US EditionPublished • loading... • Updated
Asian markets tumble as tech bubble fears grow
Tech stocks across Asia dropped sharply as investors feared an AI bubble after record valuations and a rapid rally this year, with Seoul's market falling 6 percent at one point.
- Asian tech stocks led a sharp sell-off on Wednesday as Asian markets fell broadly, with Seoul and Tokyo hardest hit after Wall Street tumbled on Tuesday.
- This year’s AI-driven rally pushed valuations higher as global markets soared with cash flowing into Nvidia, Amazon, Apple, Samsung and Alibaba, but last week's Federal Reserve warning unsettled traders.
- Tokyo plunged more than four percent as SoftBank shed 14 percent and Sony fell over two percent, while Seoul tanked six percent with Samsung and SK hynix each losing around seven percent.
- Market commentators warned of a 'sea of red' and a correction, with Seoul's Kospi index possibly declining five percent further and SK hynix and Samsung facing corrections, as cautioned at the Hong Kong Monetary Authority summit.
- Traders began cutting back on winners and locking in performance, with the Magnificent Seven and AI plays driving risk lower and poor breadth in US equity indices, while Nintendo briefly jumped more than 10 percent.
Insights by Ground AI
Podcasts & Opinions
43 Articles
43 Articles
Daily Journal+13 Reposted by 13 other sources
Asian markets sink as tech bubble fears grow
Tech companies led a sell-off across Asia on Wednesday as investors grow increasingly worried about an AI bubble following a rally this year that has seen valuations hit record highs.
·Cherokee County, United States
Read Full Article
Coverage Details
Total News Sources43
Leaning Left7Leaning Right4Center10Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 33%
C 48%
R 19%
Factuality
To view factuality data please Upgrade to Premium
